Fraport @Santander EuroLatam Conference...Traffic Insight Group Passenger Development (stakes above...
Transcript of Fraport @Santander EuroLatam Conference...Traffic Insight Group Passenger Development (stakes above...
Fraport @Santander EuroLatam Conference
New York September 2015
Stefan J. Rüter Head of Finance & Investor Relations
Marc Poeschmann Investor Relations
Disclaimer
This document has been prepared by Fraport solely for use in this presentation.
The information contained in this document has not been independently verified. No representation or warranty – whetherexpress or implied – is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctnessof the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shallhave any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content orotherwise arising in connection with this document.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document norany part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
This document contains forward-looking statements that are based on current estimates and assumptions made by themanagement of Fraport to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties,the non-occurrence or occurrence of which could cause the actual results – including the financial condition and profitability ofFraport – to differ materially from or be more negative than those expressed or implied by such forward-looking statements.This also applies to the forward looking estimates and forecasts derived from third-party studies. Consequently, neither thecompany nor its management can give any assurance regarding the future accuracy of the opinions set forth in this documentor the actual occurrence of the predicted developments.
By accepting this document, you agree with the foregoing.
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Agenda
- Traffic Insight
- Details on T3
- International Business Development
- Appendix
Traffic Insight
Frankfurt Airport
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Passengers
Movements
MTOW
Cargo
Aug 2015 YTD 2015
41,477
316,079
19,871
1,365
6,309
42,787
2,722
169
+3.2
+0.2
+2.0
-4.6
+4.3
+0.5
+3.2
-2.4
D %D %
in `000
in `000 tons
65%
70%
75%
80%
85%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Seat load factor
2015 2014
FY 2014
in `000 tons
Passenger per movement
120 125 130 135 140 145 150
Passenger guidance FY2015:
2-3% upside
+5.4 Pax
YTD 2015
YTD 2014
59,566
469,026
28,958
2,132
Passenger figures according to ACI, commercial traffic only; cargo includes air freight and air mail
Traffic Insight
Frankfurt Airport Passenger Flows YTD 08/2015
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Western Europe
42%
+4%D
D
Traffic Share YTD
vs. previous year
Domestic
11%
+6%D
Eastern Europe
9%
+5%DNorth America
14%
+2%DFar East
11%
+7%DMiddle East
5%
+7%DAfrica
4%
+4%DLatin America
4%
+2%D
Continental
62%
+4%D
Intercontinental
38%
+4%D
Frankfurt Airport
Traffic Insight
Group Passenger Development (stakes above 10%)
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IATA
CodeAirport Share
Aug
2015
Dprevious
year
YTD
2015
Dprevious
year
FY
2014
CAGR
2010-
2014
FRA Frankfurt, Germany 100% 6,309 +3.2% 41,477 +4.3% 59,566 +3.0%
LJU Ljubljana, Slovenia 100% 180 +10.4% 978 +10.9% 1,307 -1.4%
LIM Lima, Peru 70% 1,594 +8.5% 11,160 +8.9% 15,659 +11.1%
BOJ Burgas, Bulgaria 60% 724 -3.1% 1,964 -8.5% 2,530 +7.5%
VAR Varna, Bulgaria 60% 345 -2.6% 1,082 -1.9% 1,387 +3.1%
AYT Antalya, Turkey 51% 4,496 -0.5% 19,324 -2.0% 27,979 +6.0%
LED St. Petersburg, Russia 35.5% 1,688 -3.7% 9,456 -4.2% 14,265 +14.0%
HAJ Hanover, Germany 30% 590 +3.8% 3,611 +5.3% 5,292 +1.1%
XIY Xi‘an, China 24.5% 3,127 +8.9% 21,877 +13.6% 29,177 +12.8%
Traffic Insight
Accumulated Group Passenger Development since 2009(stakes above 10%)
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60
80
100
120
140
160
180
200
220
2009 2010 2011 2012 2013 2014
in %
FRA +17%
LED +111%
Russia, China & Peru booming since 2009
– FRA with 17% doing well
XIY +91%
LIM +78%
AYT +50%
BUL +35%
HAJ +6%
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Agenda
- Traffic Insight
- Details on T3
- International Business Development
- Appendix
> 60
> 65
> 70
> 75
> 80
58
> 60> 65
> 70
> 75
> 80
45,0
50,0
55,0
60,0
65,0
70,0
75,0
80,0
85,0
90,0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
64 mil. Passengers per year
(dedicated capacity)
68 mil. Passengers per year
(temporary overload)
Capacity T1+T2
Hall C and CD-Pier (2007)
Pier A-Plus (2012)
Year
Passengers per
year in mil.
Forecast MKmetric
Forecast Intraplan
Capacity
restriction
9
Details on T3
Traffic Forecast of Passengers FRA until 2030
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Floor space ca. 90,000 sqm
Equivalent to 19 Football fields
Height of Terminal inside 20m, outside
33m above ground level
Length Pier H: 400m, Length Pier J: 600m
14 million additional pass. capacity
24 gate positions at the building
4 Check-in-Areas with 100 counters
18 Security control lanes for O&D
11 Security control lanes for transfer
10 luggage conveyor belts
Capex budget € 2.5-3.0 bn. in total
10
Details on T3
Decision to construct T3 taken by Supervisory Board
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T3 apron area:
Constructed: 780,000 sqm
To be built: 555,000 sqm
Market Place
Security
Check-In
Parking
Train
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Details on T3
Apron Infrastructure already under Construction
2015 2016 2017 2018 2019 2020 2021 2022
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
Excavation
work
Start of
structural
work
Technical &
operational
tests
Inauguration
15
Details on T3
Schedule
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0
500
Maintenance Capex T3 Total @ FRA
Start of T3
construction
Maintenance
€200-250 mil
plus 2% p.a.
T3 start Peak after 5 years End after 8 years
Capex in
External
Activities not
included
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Details on T3
FRA Capex peaking ~5 Years after T3 Construction Start
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Agenda
- Traffic Insight
- Details on T3
- International Business Development
- Appendix
Russians among the
biggest tourism groups
1/3 Russian
traffic share
International
traffic down
Facts Expectation 2015
BulgariaLarge share of Russians, but not as
dominant as in AYT
Negative impact on
Retail expected
Antalya
1/3 Russian traffic share, normally
late booking behavior, high retail
spenders
Lower expectations than in 2014 on
traffic; Earnings to be affected by lack of
Russian travelers
St. Petersburg
Good operative year 2014 (new
Terminal) but declining share of
international passengers
Operations challenging, financials also
depending on Ruble development
Euro / Ruble Development(Jan.14 - Sep.15)
BUL.
AYT
LED
BUL.
AYT
LED
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International Business Development
Challenges from Ruble Exposure at AYT, LED & BUL
40
50
60
70
80
90
100
Only 14
destinations
in 1993
AYT
More than
300
destinations
today
AYT
The busiest Mediterranean Airport
33%
25%
42%Russia
Germany
Other
Country share of traffic 2014
19
International Business Development
Antalya Performance
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0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Traffic Development 2001-2014
13Y CAGR: 10.8%
in mil
Above 15
million
passengers
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International Business Development
Lima Airport
› Significant traffic growth for more than a decade with nearly 11% CAGR
› Dividend payments to Fraport: € 5.2 million in 2014 (cumulated: 53.5 million €)
› Upgrade of infrastructure necessary within the next decade:
› 2nd terminal, new runway, extension of taxiways, new tower, additional access ways
to the airport
› Runway construction within 5 years after land transfer of the Peruvian state,
subsequently construction of a 2nd Terminal
Signing September 5, 2014
Control 100 % Consolidated,
Ownership 75.5% at first, 100%
today
Price €229.7 mil. for 97.99%
Core services Aviation
Non-Aviation
Ground Handling
Main Carrier Adria
Employees ~400
50%
20%
30%
Ground Handling
Non-aeronautical
Airport Services
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International Business Development
Ljubljana Airport
› Size: 1.3 mil. passengers in 2014
Upside in passenger traffic 2014: +3.1%
› Capital airport with high share of O&D traffic
› Main Traffic to: Frankfurt, London, Istanbul,
Zurich, Munich plus summer destinations
International Business Development
Update Aerodrom Ljubljana
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1 new carrier - 3 new routes
› The only airport subsidiary with 100%
Fraport share in Group portfolio
› Stable cash flows
› Payback already started
› Very good 6M traffic and EBITDA
performance Redesign of arrival F&B area and mobile units
Percent changes based on unrounded figures, financials according to local GAAP, IFRS figures differ
Aerodrom Ljubljana 6M Performance
6M 2015
6M 2014+9.7%+15.8%
627571
Passengers EBITDA
in ‘000 in € mil.
65
International Business Development
Ljubljana Roadmap
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Next steps:
› Focus on route development
› Further enlargement of regional hub concept
› Long-term expansion of air freight
› Low capex profile as infrastructure is in
good shape
› Optimization of Terminal capacity and
passenger flows
› Strong focus on Non-Aviation performance,
especially retail and food & beverages
› New CFO/COO to be positioned
2014 route map
North and South AmericaTotal PAX 2014 vs. 2013
Strong focus on retail and F&B performance
Signing / Closing July 23 / August 1, 2014
Control Consolidated, 100% owned
Core services Retail Property Development
Leasing
Operations Management
Branding and Marketing
Founded 1991
Employees 28
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International Business Development
Airmall Retail Acquisition USA
› Core segment Retail is expanded to the largest
aviation market in the world
› Visible and continuous contribution to EBITDA
› Stable cash flows guarantee start of payback
period immediately after takeover
› Unlocking of further growth potential by Fraport
Group network expertise
International Business Development
1st Year of Airmall Operations
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› New tenant contracts and optimized tenant mix
improves AMU financials
› Full year EBITDA contribution will exceed
double digit million US$ threshold
(2014: US$ 9 mil.)
› Total departing passenger number on previous
year level at 13.0 mil. Baltimore Washington International Airport
Adding international brands
Pittsburgh International Airport
Modernization of central market place 2014
Percent changes based on unrounded figures
Airmall 6M Performance
+5.9%
26
7
25
6
0
10
20
30
Concession revenue EBITDA
+28.1%
US$ mil.6M 2015
6M 2014
International Business Development
Airmall Roadmap
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Next Steps:
› Rebranding of company
› Growth of existing portfolio
› Extend existing concession projects
› Boston International Airport
Tender expected to start in the course of 2016
› Acquisition of new concession contracts
› Chicago O’Hare International Airport
Terminal 2 facility redevelopment,
tender expected late 2015/early 2016
› Miami International Airport
Central terminal retail master concession,
tender expected late 2015/early 2016 Fraport USA
Growing and expanding
Fraport’s footprint in the US
New
Business
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Agenda
- Traffic Insight
- Details on T3
- International Business Development
- Appendix
Appendix: Group P&L 6M 2015
Top-line Growth translates into Bottom-line
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P&L in € mil. 6M 15 6M 14 %
Revenue 1,242 1,122 +10.6
- excl. IFRIC 12 1,235 1,117 +10.5
EBITDA 385 354 +8.7
EBIT 222 206 +7.9
EBT 152 129 +17.9
Group result 103 92 +12.3
EPS in € 1.06 0.96 +10.4
› Growing revenue in all segments
› Good performance in EBITDA & EBIT,
despite lower other income and higher
opex
› Financial result improvement, despite
negative effect from CHF loan valuation
› Group result and EPS with double-digit
growth
Comments
Revenue by segment in € mil.
Revenue
6M 2014
Aviation Retail &
Real Estate
Ground
Handling
External
Activities &
Services
Revenue
6M 2015
1,122+26
+16
+64 1,242
+14
External
Activities
Services
EBITDA by segment in € mil.
EBITDA
6M 2014
Aviation Retail &
Real Estate
Ground
Handling
EBITDA
6M 2015
354+1
+20 385
+12
-2
External
Activities &
Services
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
Appendix: Group P&L 6M 2015
External Activities key Driver for lift in Group EBITDA
Fraport @Santander EuroLatam Conference29
EBITDA
6M 2014
Other
income
Cost of
materials ex.
IFRIC 12
Staff
cost
EBITDA
6M 2015
Revenue
ex. IFRIC 12
Other
opex
354-42 -34
385
+€31 mil.
-2
IFRIC 12
revenue
IFRIC 12
cost of
materials
+117
-6
29,5%
48,6%
3,2%
18,7%
Segment share in Group EBITDA 6M 2014 Segment share in Group EBITDA 6M 2015
26,6%
47,8%
3,3%
22,3%Aviation
Retail &
Real Estate
External
Activities &
Services Aviation
Retail &
Real Estate
External
Activities &
Services
Ground
Handling Ground
Handling
€ mil.
Due to commercial rounding slight discrepancies may occur when summing up
+2
-5
Appendix: Group P&L 6M 2015
EBITDA and Financial result led to higher Group result
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Split of financial result Comments
Group result
6M 2014
EBITDA D&A Financial
result
Taxes Group result
6M 2015
92
+31
103
-15 -12
+€11 mil.
€1.06€0.96
EPS
6M 2014
EPS
6M 2015
+€0.10
€ mil 6M 15 6M 14 %
Interest income 14 19 -23.1
Interest
expenses-83 -92 -
At equity result 2 4 -47.2
Other result -3 -7 -
Financial result -70 -77 -
› Improved interest result from lower interest
rates and lower debt
› Split of equity result:
› Antalya down due to less Russian
travelers
› Xi’an and Hanover up
› Other financial result up, despite negative
impact from CHF loan market valuation
+7€ mil.
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
Appendix: Group Asset & Financial Situation
Higher OCF and lower Capex improved FCF by 76%
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2015 OutlookYTD development
PPEInvestment
property
Operating
cash flow
Intangible
assets
Airport
operating
projects
277
190206
-1
-111 -6 -6
-3
-93 -8 -6
+23
DVDs from
investments
Free cash
flow
+25 108
› Capex will maximum be slightly above 2014
level
› FCF expected to exceed 10% of net debt
› Including DVD payout, FCF will lead to
deleverage at high single digit percentage
point level subject to Greek airport deal
› OCF due to improved earnings €71 mil. up
› Lower FRA capex supported FCF
› Other spending on 2014 level
› FCF of €190 mil. clearly exceeded DVD
payout of €125 mil.
Due to commercial rounding slight discrepancies may occur when summing up
6M 2015 6M 2014
€ mil.
Appendix: Group Asset & Financial Situation
Deleverage despite DVD Payout
Fraport @Santander EuroLatam Conference32
Balance sheet
› Despite DVD payout, Equity up due to Group
result, valuation of derivatives and currency
effects
› As equity moved up and net debt went down,
Gearing was c.5 PP down on Dec. 31, 2014
› Equity ratio exceeded 36% (Dec. 31,14: 34%)
Cash development
› FCF of €190 mil. clearly above previous year
› FCF, repayment of gross debt, and cash out
for DVD led to €123 mil. decline in liquidity
› As DVD was covered by FCF net debt was
slightly down
› Slight diluting effects from accrued interest
190108
1.057 1.180
4.050 4.192
2.994 3.0133.301 3.286
93%97%
June 30, 2015
Liquidity Gross debt Net debt Equity Gearing2FCF1
Dec. 31, 2014
€ mil.
Due to commercial rounding slight discrepancies may occur when summing up
1) FCF pre-dividend payout; figures correspond to 6M figures 2) Net debt divided by equity less non-controlling interests and profit earmarked for distribution
Appendix: Segment Aviation
Incremental Revenue offset by Opex and One-offs
Fraport @Santander EuroLatam Conference33
P&L in € mil. 6M 15 6M 14 %
Revenue 444 418 +6.1
- Airport charges 365 343 +6.3
- Security Services 59 55 +7.7
- Other 20 20 -1.0
EBITDA 102 104 -1.9
EBIT 43 46 -6.9
Employees 5,995 6,080 -1.4
› Revenue growth in line with traffic and
price development
› Negative impact from high wage
increases: +€10 mil.
› Other income €7 mil. down due to
releases of provisions in 2014
› Additional opex burden from creation of
provisions and non-capitalizable capex
Comments
EBITDA
6M 2014
Revenue Other
income
Staff
cost
Other EBITDA
6M 2015
104
+26
-7-10
-11
102
EBITDA performance in € mil. Revenue split
Aviation charges
OtherSecurity Services
82,2%
13,3% 4,5%
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
Appendix: Segment Retail & Real Estate
Growing Operations and Earnings
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P&L in € mil. 6M 15 6M 14 %
Revenue 233 219 +6.6
- Retail 100 89 +11.4
- Real Estate 90 90 +0.4
- Parking 41 38 +8.0
EBITDA 184 172 +6.7
EBIT 143 131 +8.8
Employees 617 620 -0.5
› Strong revenue increase from retail and
parking businesses
› Cost level flat on previous year
› EBITDA and EBIT reflect revenue
increase
› EBITDA margin at 78.9%
Comments
EBITDA
6M 2014
Revenue Other
income
Staff
cost
Other EBITDA
6M 2015
172
+14
-1 -10
184
EBITDA performance in € mil. Revenue split
Retail
Other
Parking
42,7%
38,7%
17,5%
1,1%
Real Estate
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
Appendix: Segment Retail & Real Estate
Spend per Pax 6% above Previous Year – All Time High
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Retail revenue per Passenger
25 29 30 31
11 12 13 13
6 6 6 10
3,403,10 2,95
3,953,74
3,42 3,24
4,113,69
3,22 3,04
3,95 3,93
3,41
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
6M 12: €3.23
27 31 33 33
11 13 14 13
6 8 9 11
30 34 33
13 14 13
7 9 11
€ mil.
Shopping
Services
Advertis.
6M 13: €3.56 6M 14: €3.42 6M 15: €3.63
26 29 32 32
12 14 14 13
7 7 8 10
FY 12: €3.32 FY 13: €3.60 FY 14: €3.43
Appendix: Segment Retail & Real Estate
Development of Core Spending Destinations
Fraport @Santander EuroLatam Conference36
Volume Development
12 12
-14
15
02
5
11
2
11
-20
-10
0
10
20
China Japan Russia Korea Brazil USA Germany Turkey Canada India
%
Change in %
vs. 6M 14
Retail Revenue per Passenger
25
-8
-20
1914
11
26
1
9
-30
-20
-10
0
10
20
30
China Japan Russia Korea Brazil USA Germany Turkey Canada India
%
Change in %
vs. 6M 14
Appendix: Segment Ground Handling
Slight Improvement in EBITDA, EBIT still negative
Fraport @Santander EuroLatam Conference37
P&L in € mil. 6M 15 6M 14 %
Revenue 333 318 +4.9
- Ground Handling 189 185 +2.3
- Infrastructure 144 133 +8.4
EBITDA 13 11 +12.5
EBIT -9 -7 -
Employees 9,342 9,020 +3.6
› Revenue increase from higher volumes
and prices in infrastructure
› Staff cost up volume and price-wise
› Slight increase in EBITDA
› Higher D&A led to further decline in
EBIT
Comments
EBITDA
6M 2014
Revenue Other
income
Staff
cost
Other EBITDA
6M 2015
11
+15
-3
-12
2 13
EBITDA performance in € mil. Revenue split
Ground Handling56,8%
43,2%Infrastructure
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
Appendix: Segment External Activities & Services
Growth from Lima and new Investments
Fraport @Santander EuroLatam Conference38
P&L in € mil. 6M 15 6M 14 %
Revenue 232 168 +38.1
- excl. IFRIC 12 225 163 +38.0
- AMU & Ljubljana 45 - -
EBITDA 86 66 +29.9
EBIT 45 36 +25.7
Employees 4,737 4,460 +6.2
› Strong increase from Lima operations
and positive US$ effect
› First-time 6M AMU & LJU contribution
› Lower earnings from Varna/Burgas and
termination of mgmt. contracts in Saudi
Arabia
› Solid increase in EBITDA and EBIT
Comments
EBITDA
6M 2014
AMU Saudi
Arabia
Other EBITDA
6M 2015
66 +6-4 86
EBITDA performance in € mil. Revenue split
56,6%12,8%
6,9%
5,8%17,9%
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
Lima
Other
Twin Star
Ljubljana
Airmall
-1+11
LJU LAP Twin
Star
Air IT
+6 -1 +3
Appendix: Segment External Activities & Services
Fully consolidated Investments1
Fraport @Santander EuroLatam Conference39
1) Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures
2) Airmall and Ljubljana since inclusion in Fraport Group
€ mil. 6M 15 6M 14 % 6M 15 6M 14 % 6M 15 6M 14 % 6M 15 6M 14 %
Revenue
-ex IFRIC 12
29
-
-
-
-
-
16
-
-
-
-
-
131
124
100
95
31.7
30.7
13
13
16
15
-14.1
-13.1
EBITDA
margin
adjusted
6
22.0%
-
-
-
-
-
-
-
6
35.0%
-
-
-
-
-
-
-
47
36.1%
38.2%
36
36.3%
38.1%
30.9
-
-
6
43.3%
43.6%
7
46.2%
47.1%
-19.4
-
-
EBIT
margin
adjusted
2
7.7%
-
-
-
-
-
-
-
1
3.8%
-
-
-
-
-
-
-
39
29.3%
31.0%
29
29.2%
30.6%
32.3
-
-
0
0.7%
0.8%
2
9.6%
9.8%
-93.3
-
-
Result 2 - - 1 - - 20 13 52.7 -3 -2 -
Passengers
in mil.
- - - 0.6 0.6 9.7 8.1 7.4 8.7 0.9 1.1 -12.8
Airmall2 Twin StarLjubljana2 Lima
Appendix: Segment External Activities & Services
At Equity consolidated Investments
Fraport @Santander EuroLatam Conference40
Except for Xi’an all figures refer to IFRS accounting, percent changes based on unrounded figures
€ mil. 6M 15 6M 14 % 6M 15 6M 14 % 6M 15 6M 14 % 6M 15 6M 14 %
Revenue
-ex IFRIC 12
108
-
118
-
-8.9
-
115
101
142
109
-19.2
-7.7
70
-
67
-
4.3
-
92
-
68
-
36.1
-
EBITDA
margin
adjusted
87
80.9%
-
99
83.5%
-
-11.8
-
-
56
48.5%
55.1%
40
28.2%
36.6%
39.1
-
-
12
17.2%
-
11
16.0%
-
12.1
-
-
44
47.7%
-
28
41.6%
-
56.2
-
-
EBIT
margin
adjusted
38
35.5%
-
50
41.9%
-
-22.8
-
-
36
31.0%
35.3%
19
13.7%
17.8%
83.0
-
-
2
2.9%
-
1
1.0%
-
>100
-
-
21
22.4%
-
10
15.1%
-
>100
-
-
Result 1 8 -89.7 72 -30 >100 -1 -2 - 12 7 68.6
Passengers
in mil.
10.5 11.0 -4.2 6.1 6.4 -4.3 2.5 2.3 5.3 15.7 13.7 15.3
Xi‘AnPulkovo HanoverAntalya
Appendix
Special Effects 6M 2015
Fraport @Santander EuroLatam Conference41
€ mil. 6M 15 6M 14
Group financial result
Market valuation of derivatives & F/X fluctuations -3.1 -6.4
Segment External Activities
IFRIC 12 revenue 7.2 5.0
AMU Holdings – acquired August 2014
Revenue28.7 -
EBITDA 6.3 -
EBIT 2.2 -
Aerodrom Ljubljana – acquired Oct. 2014
Revenue 16.0 -
EBITDA 5.6 -
EBIT 0.6 -
Air Transport IT – disposed April 2015
Revenue 4.9 6.5
EBITDA 0.3 0.8
EBIT 0.1 0.5
Fraport Saudi Arabia – ended June 2014
Revenue - 9.6
EBITDA - 4.3
EBIT - 4.3
Appendix
Aviation H1 Effects on EBITDA
Fraport @Santander EuroLatam Conference42
EBITDA effective
revenue increase at 22m
in € mil.
148 158
6M 2014 6M 2015
Ex. increase in security revenue:
6m underlying staff cost up
in € mil.
182 193
6M 2014 6M 2015
Among others: +4m additions
to provisions in other cost items
in € mil. in € mil.
3 4
EBITDA
6M 2014
EBITDA
adjusted
Adjustment
other income
Staff
cost
Other EBITDA
6M 2015
104+22
-797
-11
102
Charge
upside
-6106+4
EBITDA
adjusted
Adjustment
provision
1710
6M 2014 6M 2015
Other income 7m
down on previous year
343 365
55592020
6M 2014 6M 2015
Aviation charges Security revenue Other
1
1 2 3 4
2
Appendix
Maturity Profile & Cash Position as at June 30, 2015
Fraport @Santander EuroLatam Conference43
€ mil.
1.057
4.050
93,1
475,3 377,2 517,3
1.132,9
238,1422,8 413,9
2,6
321,2
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
Liquidity asof June 30,
2015
FinancialLiabilities
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024++
nominal
Bookvalue
Fraport debt conditions on average
~ 3.4 % interest rate
~ 5.0 years maturity
Outlook 2014 Result Outlook 2015
Passengers FRAgrowth between 2%
and 3%+2.6%
growth between 2%
and 3%
Revenuerevenue growth up
to ~€2.45 bn.€ 2.4 bn.
revenue between
~€2.55 and ~€2.6 bn.
EBITDAbetween ~€780
and ~€800 mil.€790 mil.
between ~€820
and ~€840 mil.
EBIT growth up to ~€500 mil. € 483 mil.between ~€500
and ~€520 mil.
Group result slightly above 2013 € 252 mil.between ~€265
and ~€285 mil.
Dividend proposal at least stable 1.35€ stable
Appendix
Unchanged 2015 Outlook
Fraport @Santander EuroLatam Conference44
Strike risk could
impact traffic and
financial outlook
Group result before minorities
Appendix
Potential Greek Airport Deal: Concession Details
Fraport @Santander EuroLatam Conference45
Airports 14 Greek regional airports, 80% international share, more than 22 million passengers
Fraport Share &
Partner
Fraport will hold at least 2/3rd of the concession depending on the final debt/equity ratio
Upfront payment € 1.2 bn. upfront payment
Concession Payment 22.9 mil. fixed annual concession payments (inflationed with Greek inflation rate)
From 2019 variable payment of ~28.5% of EBITDA (before variable concession payment )
Concession Length 40 years
Capex € 330 million compulsory in 2016-2019, afterwards maintenance capex
Capex for extension depending on traffic growth
Regulation Dual Till
Airport
Charges
€ 13 per departing passenger in 2016, from 2018 € 18.50 inflationed with 90% of the Greek
inflation (depending on capex)
Retail Developement Very small retail outlets existing; Space will roughly triple after the first construction phase; new
operating concepts like walk through will be introduced
Growth assumption Not disclosed in detail - business case assumes moderate growth over concession period of
about 2% p.a.
Appendix
IR Contact
Fraport @Santander EuroLatam Conference46
Fraport AG
Frankfurt Airport Services Worldwide
60547 Frankfurt am Main
www.meet-ir.com
+49 69 690 – 74842
Stefan J. Rüter
Head of Finance
& Investor Relations
+49 69 690-74840
Svenja Ebeling
Investor Relations Assistant
+49 69 690-74842
Marc Poeschmann
Manager Investor Relations
+49 69 690-74845
Florian Fuchs
Manager Investor Relations
& Financial Reporting
+49 69 690-74844